Unfortunately, there are some common misconceptions about prenuptial agreements that could prevent people from writing a simple contract that might protect their assets in the future. Michigan couples that choose not to have a prenup because they think it represents control or implies they’ll get divorced later might be making a mistake. The parties should take a look at their individual finances and if necessary, take steps to protect them.
People who own a business before they get married could risk losing all or part of it during a divorce if they don’t have a prenup. With a prior agreement in place, a court might award part of the profits the business generated during the marriage or even half of the company to the other spouse. Business owners stand to lose a lot if they aren’t prepared.
Couples should also discuss personal debt before they tie the knot. If one spouse has a lot of debt, the other might have to repay part of it in the event of a divorce. A prenuptial agreement may also keep each spouse’s debt during the marriage separate so people won’t be responsible for expensive items their partners purchase for themselves. When a couple decides a prenuptial agreement might be right for them, they should each be represented by their own oakland county prenuptial agreement lawyers so as to avoid a conflict of interest. It is also important that the agreement be negotiated and signed well in advance of the wedding date. This is to avoid a party subsequently claiming that he or she was pressured into signing it.